Stocks making the biggest moves midday: Rivian, Orchard Therapeutics, Lamb Weston and more

cnbc.com:

Check out the companies making headlines in midday trading.

Rivian Automotive — Rivian Automotive shares tanked 19% after the electric vehicle maker announced plans to raise $1.5 billion in convertible notes and offered preliminary third-quarter revenue guidance roughly in line with Wall Street's expectations. Rivian said it anticipates revenue to range between $1.29 billion and $1.33 billion, versus the $1.3 billion forecast by analysts polled by LSEG, formerly known as Refinitiv.

Exxon Mobil — Shares slid more than 2.3% in midday trading following a further decline in oil prices on the back of an uncertain demand outlook and macroeconomic future.

Clorox — Shares dropped 7.7% on Thursday, one day after the product maker offered worse fiscal first-quarter guidance than analysts polled by FactSet expected. The company said a cyberattack overshadowed benefits from better pricing, cost reduction and supply chain improvements.

UWM Holdings — Shares popped 5.7% after the mortgage company was upgraded by BTIG to buy from neutral. The firm said UWM Holdings' valuation doesn't reflect upside from a potential stabilization in interest rates.

Orchard Therapeutics — Shares nearly doubled after Japanese pharmaceutical company Kyowa Kirin announced plans to acquire the biotechnology firm, which specializes in gene therapy, for $478 million.

Vestis — Shares dropped 4.8% after Redburn Atlantic initiated coverage of the uniform company with a buy rating and noted limited valuation downside, saying «risk reward for the stock appears asymmetric.» Vestis completed a spinoff from Aramark on Monday.

Oculis — Shares rose 3.4% after Stifel initiated coverage of the biopharma company with a buy rating and $35 target price. The investment bank